Wage Bills Result In Big Losses At Leicester City, Nottingham Forest In '12-13
League Championship sides Leicester City and Nottingham Forest "have reported heavy losses for the 2012-13 financial year," according to David Conn of the London GUARDIAN. The two clubs are "understood to be opposed to the Football League's financial fair play rules in the Championship." Leicester, owned by the King Power duty free company of Thailand, made a loss of £34M, according to its accounts just published, which follows £30M in '11-12. Forest, owned by the Kuwaiti brothers Fawaz and Omar Al-Hasawi, made a loss of £17M in '12-13. Both clubs, which spent more on wages than their entire turnover, "are heavily subsidised by their owners in the push to win promotion to the Premier League." Leicester has been one of the clubs "instructing the solicitors Brabners to ask for substantial changes to be made to the FFP rules backed by a threat of legal action." The rules were approved by an overwhelming majority of Championship clubs in '12, and limit losses in the current year to £8M ($13M) (GUARDIAN, 3/5). The BBC reported turnover at Nottingham Forest was down by £300,000, while staff costs rose by almost £3.5M to £21M. The Al-Hasawi family took over from Nigel Doughty, who had put Nottingham Forest up for sale in October '11, but "died four months later" (BBC, 3/5).